3. Any domestic railroad corporation or any foreign railroad corporation authorized to do business in this state owning at least ninety-five percent of the outstanding shares of each class of any domestic corporation or corporations authorized to engage in business similar or incidental to the business which the possessor corporation is authorized to engage in, and any domestic railroad corporation owning at least ninety-five percent of the outstanding shares of each class of any foreign railroad corporation authorized to do business in this state and also authorized to engage in business similar or incidental to the business which the possessor corporation is authorized to engage in, may merge such corporation or corporations into itself without the authorization of the shareholders of any such corporation, in accordance with the procedure and with the effect set forth in article nine of the business corporation law for the merger of subsidiary corporations. Any bridge corporation may be merged under this paragraph with any railroad corporation which shall have acquired the right by contract to run its cars over the bridge of such bridge corporation.
Any omnibus corporation may be merged under this paragraph with any railroad corporation, provided such railroad corporation shall have substituted stages, buses or motor vehicles for cars or trains upon tracks on any portion of its route in accordance with section one hundred twenty-one of the transportation law.